As data syncing, sharing, collaboration, and accessibility across smartphones and other devices become easier, Future Market Insights predicts that the global Storage as a Service Market will expand at an amazing CAGR of 17% during the forecast years of 2020 and 2030.
Storage as a Service (STaaS) has grown quickly in recent years as businesses look at its potential to improve operational flexibility at a cheaper operating cost. Automation has increased production by a factor of four while cutting costs and improving services across all industrial verticals affected by cloud services. This particular trait has become a pillar for increasing SaaS adoption across industries.
Massive amounts of data may be stored in the cloud rather than on-premises thanks to STaaS, which gives businesses free space, eliminates the need to back it up, and saves money on disaster recovery plans.
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Key Takeaways of Storage as a Service Market Study
- SMEs to hold 74% of market share in 2020 as the adoption of STaaS becomes essential to cutting back on infrastructural cost and focus on business continuity
- BFSI segment held a market share of 22% in 2019 and is expected to continue on a similar trend as banking gets digitized even in rural clusters
- South Asia & Pacific to register a CAGR of 23% 2020-2030 in the global STaaS market as countries undergo rapid digitalizing across sectors
- Cloud computing and remote work ethic to remain strong undercurrents of booming STaaS market
COVID-19 Impact Analysis on Storage as a Service Market
The COVID-19 pandemic made it very evident that businesses needed to start using remote working options right once, which forced them to change their technical infrastructure and guarantee business continuity throughout the pandemic. As the trend advances, businesses are expected to invest in technology-based infrastructure in the future years. Additionally, businesses are now fully aware of the benefits of SaaS in expanding profit margins due to the growing focus on reducing operating costs like power and rent.
Only 2.9% of the world’s workforce, as reported by the International Labour Organization (ILO), worked from home prior to the COVID-19 epidemic. However, in the post-pandemic world, managers are reevaluating their operational strategies, which is causing a massive increase in the number of people working from home.
The demand for cloud-based solutions and apps is anticipated to soar as a result of this trend after COVID-19 as organisations all over the world search for affordable, effective, and resilient solutions for their business continuity. Additionally, it is anticipated that the growing sentiment to switch to a remote lifestyle permanently would give this sector a boost unlike anything else.
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In 2018 and 2019, the market for storage as a service expanded by around 15% year over year. With the COVID-19 epidemic, the market is anticipated to rise by about 18%–20% between 2021 and 2023.
In the medium term, it may be difficult for the storage as a service market to maintain its growth pace due to concerns about budgets, deteriorating profitability, and sales growth, all of which have led to significant losses for companies of all sizes. The market is expected to increase at a 4.5x rate during the forecast period, therefore the long-term picture for storage as a service is still promising.
Partnerships and Innovations to Drive Growth
The global Storage as a Service industry is experiencing a storm due to the rapidly evolving technical landscape, shifting consumer expectations, and fierce competition. This is forcing solution providers to consistently search for novel and affordable solutions. Additionally, partnerships and collaborations with digital solution providers might aid suppliers of storage as a service in growing their clientele and market share.
For instance, Pure Storage and SAP formed a cooperation in March 2020 to provide customers with shared competency centres, technical support, and technological integrations in STaaS, intelligent enterprise, cloud computing, storage, and virtualization.
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Storage as a Service Market: Segmentation
Service Type
- Cloud NAS
- Cloud SAN
- Cloud Backup
- Cloud Archiving
Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
Industry
- Media & Entertainment
- Government
- Healthcare
- IT & Telecom
- Manufacturing
- Education
- Others
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East & Africa
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